公司市值、公司治理与风险管理研究——基于面板联立方程模型的经验被引量：4

Market Value,Corporate Governance and Risk Management:An Empirical Study based on Simultaneous Equations Model with Panel Data

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摘要本文基于中国非金融类上市公司的面板数据构建联立方程模型来研究中国上市公司的市值、公司治理以及通过使用保险进行的风险管理之间的相互作用关系。研究发现,公司市值与通过保险进行的风险管理之间存在显著正向但非对称的双向互动关系,其中提高保险使用对公司市值的拉动作用更大。此外,风险管理是公司治理提升公司价值的有效渠道。 This paper proposed a Simultaneous Equations Model to analyze the interactive relations among a firm＇ s market value, corporate governance and risk management via using insurance based on the panel data of listed non-financial companies in China. We found there was a significant positive and asymmetrical two-way interaction between market value and risk management via using insurance, and the impact of increasing insurance use on mar- ket value was stronger. In addition, risk management was an effective channel for corporate governance to increase the firm＇s market value.

作者李冰清王涵房璐魏然

机构地区南开大学金融学院

出处《保险研究》 CSSCI 北大核心 2018年第1期79-89,共11页 Insurance Studies

基金国家自然科学基金项目(71671094) 中央高校基本科研业务费专项资金资助项目(63172308)的资助

关键词公司市值公司治理风险管理保险使用量联立方程模型 market value corporate governance risk management use of insurance Simultaneous Equations Model

分类号 F840.32 [经济管理—保险]

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